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Weekly news


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Weekly news

  1. 1. Weekly news from 8th nov. to 14th nov. By: Mandeep Singh Jaggi
  2. 2. Prez. OBAMA addressing in INDIA.
  3. 3. Obama enthralls and exhorts India • “And I’m mindful that I might not be standing before you today, as President of the US, had it not been for Gandhi and the message that he shared with America and the world,” • Greeted with a thunderous applause by a gathering. • INSISTING that the US and India were “indispensable” partners in the 21st century.
  4. 4. ONGC blocks $500m payments to Cairn • Alleges Partner Inflated Expenses In Rajasthan Block. • CAIRN Energy, struggling to get approval for its $9.6-billion deal to sell its Indian unit to Vedanta Resources, is getting mired in more problems.
  5. 5. • ONGC, which is the licensee and a 30% owner in the oilrich Rajasthan block operated by Cairn, has held back $500 million to Cairn India alleging the expenditure had been inflated. • “Cairn spent money over and above the approved budget. ONGC is a PSU, it is public money. We can’t spend it without approvals,”
  6. 6. CAG pegs revenue loss due to Raja at 1.8 L cr • The Comptroller and Auditor General of India (CAG), indicted communications minister A Raja for causing a loss of up to 177,000 crore to the government by selling airwaves, a scarce national resource, at a fraction of their original value, disregarding the advice of several government departments, a development that provides fresh ammunition to Opposition parties who have been baying for his blood since 2008.
  7. 7. ED scanner on foreign buyers of new telcos • Investigations into 2G mobile spectrum scam intensify as ED jumps into the fray even as telecom minister’s exit looks imminent Weighing If Money From Stake Sales Can Be Termed Criminal Proceeds
  8. 8. FIIs desert Street on IIP nos, global scare • INDIAN shares fell the most in five months on the biggest selloff by overseas investors since May 25, as slowing industrial output and global turbulence forced some to lock up profits. • Equities across the world tumbled, with China’s benchmark indices crashing more than 5% on fears that it may raise interest rates to contain a 25-month-high inflation.